Tag Archives: Reverse Mortgage

Reverse Mortgages

Should you use a reverse mortgage? First, you have to make sure you qualify. Reverse mortgages are only for those who are 62 and older, who own a home with significant equity, and those who expect to live in their home for many years. A reverse mortgage must be paid back to the lender when you no longer plan to use your home as your primary residence. This can occur upon death, when you decide to sell the home, or if you have to move out longer than 12 months. At that time, the loan balance or market value of … Continue reading →

Are You Considering a Reverse Mortgage?

Many people who are retired and own their own home may be thinking of using a reverse mortgage to pay for their living expenses. Reverse mortgages are fairly new. In a reverse mortgage you can cash out the equity in your house while you still live there. Some banks open this as a revolving line of credit that you can write checks on. Others will deliver an amount to you each month. In order to qualify for a reverse mortgage you must be at least 62 years old. It may seem like a good way to get a little bit … Continue reading →